Putting the Blue in Blue Chips

This morning saw a few big names like Home Depot (HD) and Best Buy (BBY) surprise to the upside in the retail space. Neither is a huge surprise as the BBY turnaround continues, unlike J.C. Penney (JCP), which continues to struggle, and HD, which continues to demonstrate why it is the best of breed. Outside of fundamentals, there are a several blue chip names struggling from a technical perspective.

Wells Fargo (WFC) has been one of the best-performing money-center banks year to date. Since July, WFC has found solid support at $43, but every push higher has been rejected. Each of these rejections is coming from a lower higher, forming a descending triangle. While not a guarantee, more triangles break in the direction of the angled line as opposed to the horizontal line of the triangle. This is the case as well over the past two days....242 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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